HELOC On A Condo
Condos are an eligible property type for the home equity lines of credit we offer, and at least one program accepts units in mid and high rise buildings. At least one program does not accept condotels or co-ops.
What a condo HELOC requires
Each item below is a requirement of at least one HELOC program we offer.
- Under at least one program, your credit score must be at least 600 on a primary home and 640 on a second home.
- At least one program requires the condo to be worth at least $100,000.
- Condotels and co-ops are not eligible under at least one program.
- Your debt-to-income ratio can be up to 50%, or up to 45% with a score below 680, under at least one program.
- Lines run from $5,000 to $750,000 under at least one program, and lines above $500,000 are for primary residences only and need a 700 score.
- Under at least one program, second home and investment condos need a 680 score and are not allowed in Texas, in New York or for lines above $400,000.
Mid and high rise condos
600 score on primary homes
Lines from $5,000
Second home condos
No condotels or co-ops
Automated value on most lines
Can You Get A HELOC On A Condo?
Yes. Condos are an eligible property type for the home equity lines of credit we offer, alongside single-family homes, PUDs and 2 to 4 unit homes.
A HELOC on a condo works like one on a house: you borrow against the equity in your unit. At least one program we offer funds the full line at closing, and another requires at least 75% of the line drawn at closing. How much equity you can use depends on your condo’s value, your existing mortgage and your credit score.
Not every condo-style property qualifies. At least one program accepts condos in mid and high rise buildings. At least one program does not accept condotels or co-ops, and it requires a property value of at least $100,000.
Florida condos have a tighter limit under at least one program: you can use less of your equity than on other homes. If you are buying a condo rather than borrowing against one, see our condo financing page.
Why choose Saxton for a condo HELOC
This page is for condo owners who want to borrow against the equity in their unit.
Mid And High Rise Eligible
At least one program we offer lists condos in mid and high rise buildings as an eligible property type.
600 Score On Primary Homes
At least one program accepts a 600 credit score on a primary home, based on the primary wage earner’s Experian FICO 8 score.
Lines From $5,000
At least one program offers lines from $25,000 to $750,000. Above $500,000, the condo must be your primary residence, you need a 700 score, and a full appraisal is ordered.
Second Home Condos Count
At least one program accepts second homes. Another requires a 680 score for second home and investment lines and does not allow them above $400,000 or in Texas or New York.
We Check The Condo Type
Condotels and co-ops are not eligible under at least one program. We confirm your property type with you before you apply.
Florida Condos Have Tighter Limits
Under at least one program, you can use less of your equity on a Florida condo than on other homes.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about getting a HELOC on a condo.
Yes, under at least one program we offer. It lists condominiums, mid and high rise included, as an eligible property type.
Not under at least one program we offer. It lists condotels and co-ops as ineligible property types, along with manufactured housing, log homes and mixed use properties.
At least one program starts at 600 for a primary home and 640 for a second home, based on the primary wage earner’s Experian FICO 8 score. Another needs at least 680 for a second home or investment property.
Lines run from $5,000 to $750,000 under at least one program, and lines above $500,000 are for primary residences only and need a 700 score. How much you can use depends on your condo’s value, your existing mortgage and your credit score.
Yes, under at least one program we offer. It requires a minimum property value of $100,000.
It can. At least one program checks the property for current or active foreclosure-related events, including on an HOA lien, and declines the application if it finds one.
Yes, under at least one program. It limits how much of your equity you can use on a Florida condo more tightly than on other homes.
Find out what you qualify for
Tell us about your condo and we will show you the HELOC options that fit.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.